Core Insights - Codexis, Inc. reported revenue of $15.3 million for Q2 2025, exceeding the analyst consensus estimate of $14.1 million, and showing significant growth from $8.0 million in Q2 2024 [1][12] - The company raised $27.3 million through an at-the-market (ATM) facility and a loan from Innovatus to support the expansion of its ECO Synthesis platform [2][7] - Codexis is experiencing a strategic shift with over 30 ongoing engagements related to its ECO Synthesis technology, which is aimed at enhancing the manufacturing of RNAi therapeutics [3][7] Financial Highlights - Total revenues for Q2 2025 were $15.3 million, a 92.5% increase from $7.9 million in Q2 2024 [12] - Product gross margin improved to 72% in Q2 2025 from 45% in Q2 2024, attributed to a shift towards more profitable products [12] - Research and Development expenses rose to $13.8 million in Q2 2025 from $11.4 million in Q2 2024, driven by increased headcount [12] - Selling, General & Administrative expenses decreased to $12.3 million in Q2 2025 from $15.7 million in Q2 2024, mainly due to lower stock-based compensation [12] - The net loss for Q2 2025 was $13.3 million, or $0.16 per share, compared to a net loss of $22.8 million, or $0.32 per share, in Q2 2024 [12] Business Developments - Six presentations at the 2025 TIDES USA annual meeting highlighted the ECO Synthesis platform, showcasing its capabilities in siRNA manufacturing [2][7] - Codexis appointed Cynthia Collins to its Board of Directors, bringing expertise in the CDMO landscape [7] - The company anticipates achieving pilot scale production of GLP-grade siRNA material in 2025 and aims to sign a GMP scale-up partner by the end of 2025 [7][12]